“Everything will be Tokenized and connected by Blockchain one Day”
Blockchain is an extremely dynamic technology, with new things coming up everyday. Many Big corporations like Google,Facebook,IBM,Airbnb,Microsoft and venture capitalists are betting billions of dollars on blockchain.
What is Blockchain?
A “block” is a collection of data and each piece of data is added to the blockchain by connecting one block after another in a chronological way,much in the same way a row of a spreadsheet follows another row. Blockchain is a ledger which is immutable i.e once something is written in it, It cannot be changed or removed. This ledger stores information, which can be anything from transaction information to persons details.
Different areas where the Blockchain Technology can be applied are
- Banking Sector
- Financial Institutes
- Insurance Sectors
- Media and Entertainment Sector
- Government and Public Sector
- Healthcare and Life science sector
- Retail and E Commerce Sector
- Automotive Sector and more
There are MANY features that makes a Blockchain different from all other data structures in Market Right Now. There are no centralised databases in a Blockchain. No one individual or party in the system has the power to modify or tamper with the data.
- Greater transparency
- Enhanced security
- Improved traceability
- Increased efficiency and speed
- Reduced costs
- Blockchain has the potential to reduce cyber risks by offering identity authentication through a visible ledger.
- Car rental agencies could use smart contracts that automatically allow rentals when payment received and insurance information is confirmed through a Blockchain record.
- Small businesses could use blockchain to create trusted trading platforms among themselves.
4. Blockchain could potentially help bring robustness and transparency to the post-trade environment.
5. A bank could pay the supplier instantly over the Internet.
6. Nasdaq will launch blockchain-enabled digital ledger technology that will be used to expand and enhance the equity management capabilities offered by its Nasdaq Private Market platform.
7. Blockchain will be adopted by central banks and cryptographically secured currencies will become widely used.
8. Blockchain technology can be applied and revolutionize many many sectors.
How does it work?
Blockchain works on three technologies:
- Private key cryptography
- A decentralized network
- An incentive to service the network
Once a transaction happens on a blockchain it sends it to a decentralized network of nodes, in the chronological order in which transactions occurred. The network’s algorithm ensures that each transaction reaches to every node available on the network.
There are several thousand nodes that make up the blockchain network. Once the majority of nodes reaches to the decision that all the transactions which were recently done are unique then the same transactions are cryptographically sealed and a block is created. This new block gets linked to previously created blocks to create a chain of the accepted time stamped transaction, thereby saving a verified record of every transaction done.
Cryptographic keys (Private key cryptography)
Every user on the blockchain possesses a combination of private and public cryptographic keys.This creates an extremely useful digital signature, facilitating user ownership
Safety and security on Blockchain(A decentralized network)
Safety and security on blockchain come from its decentralized network. The network is constituted of thousand blockchains available on the network of thousands of nodes agreeing on the authenticity of transactions. This ensures that the transactions are recorded without bias and are resistant to hacker’s attack.
Mining(An incentive to service the network)
Blockchain rewards the participating nodes to create a consensus-building process.Every time a new block is settled and committed to the chain, blockchain randomly rewards one node with a fixed bounty. This process is called mining
10+ Examples of How Blockchain technology is Taking Over the World Right Now
In 2018, new blockchain initiatives are launched every day. Here are 10 examples of blockchains in use around the globe.
With inconsistent data handling processes meaning hospitals and clinics are often forced to work with incorrect or incomplete patient records. Healthcare projects such as MedRec are using the blockchain as a means of facilitating data sharing while providing authentication and maintaining confidentiality.
Blockchain is being researched as a means of improving Hawaii’s economy by giving tourists an opportunity to pay for local goods and services with bitcoin and other currencies. This way the state’s government hopes to attract tourists, especially from Asia, to spend more money and eventually help Hawaii to develop economically.
3. Mobile Payments
Cryptocurrencies with its underlying blockchain technology is being used to facilitate mobile payments in a wide range of projects. One of the latest initiatives announced, scheduled to launch in the fall of 2018, will involve a consortium of Japanese banks. They’ll be using Ripple’s technology to enable instant mobile payments.
Blockchain in the insurance industry is often talked about, but many don’t know the technology has already been implemented. For instance, Insurer American International Group Inc, in partnership with International Business Machines Corp, has completed a pilot of a so-called “smart contract” multi-national policy for Standard Chartered Bank PLC and plans to manage complex international coverage through blockchain.
New York Interactive Advertising Exchange in partnership with Nasdaq is using blockchain to create a marketplace where brands, publishers and agencies can buy ads. The process is simple, though as secure as it can potentially be, using an open protocol on the Ethereum blockchain.
6. Primechain Technologies
Primechain is developing a blockchain powered technology platform for authentication, verification and storage of electronic records.The startup has already filed a provisional US patent titled “Transparent self-managing Know Your Customer (KYC) program using blockchain and smart contracts”.
Besides BankChain projects, Primechain is also developing some blockchain-based customised projects for Canada and Singapore-based companies.
The blockchain startup has developed a series of products which includes Primechain-KYC, Primechain-CONTRACT, Primechain-LOAN, Primechain API, Primechain-MONEY.
The Blockchain startup has applications in banking, capital markets, governance, healthcare and pharmaceuticals among others.
7. Elemential Labs
Mumbai-based Elemential is a blockchain middleware for enterprise. Elemential products are sector agnostic and are being used to create a KYC utility by NSE, enable instant allotment for asset registries, manage royalty payments for media licenses.
8. Sofocle Technologies
Sofocle designs and develops blockchain powered enterprise solutions for Smart Contracts, Supply chain, Finance, Insurance, Healthcare, and Manufacturing. Delhi NCR-based Sofocle was founded Nidhi Chamria in 2016. Built on hyperledger, this blockchain startup caters to supply chain and finance.
9. Accubits Technologies Inc
Accubits is an AI & Blockchain focused development and solutions company with its development offices in India and Dubai. The company is developing Blockchain-as-a-service platform in sectors ranging from fashion technology to complex CRMs.Accubits’ key application areas include finance, retail, supply chain and manufacturing. The startup has launched a couple of products too viz. iCosys, Reinsurance, BaaS solutions.
In Russia, rail operator Novotrans is using blockchain technology with a goal to improve the speed of its operations. The company, which is one of the largest rolling stock operators in the country, will be using blockchain to record data pertaining to repair requests, inventory and other matters pertaining to their operations. The idea is that blockchain records will be more resistant to tampering and data corruption.
One of the most influential companies in the gaming industry, Ubisoft, is researching on how to implement blockchain into its video games. Specifically, it’s focusing on the ownership and transfer of in-game items such as rewards and digital collectibles. These have already been successfully demonstrated in action using the Ethereum blockchain.
More Examples here
Blockchain Career Options
- Blockchain Generalist – you understand the basic concepts and are capable enough to discuss its use-cases and applications in your ecosystem.
- Smart Contract Developer– you understand what a Smart Contract is and how to code on it.
- Blockchain Developer– you understand the concepts of nodes and consensus and can build a bridge between UI and Smart Contracts.
- Blockchain Expert– you understand how the code of a Blockchain like Bitcoin, Ethereum network works and can code your own Blockchain network defining its rules and protocols.
- Blockchain Software engineer
- Blockchain Analyst
- Cryptocurrency Analyst
- Research Analyst in Blockchain
- Blockchain Consultant.
Who Can learn Blockchain ?
- Graduates & Post Graduates
- IT Professionals
- Job Seekers
- Network Admins
- Digital Marketing Professionals
- Technology Enthusiasts
Here is something interesting that you need to Learn to become a Professional Blockchain Expert.
- Learn about DAPP
- Learn how peer to peer
- Learn the basics of Node.js
- Learn about public key cryptography.
- Learn about what Cryptocurrency is and its history.
- Learn about Application Binary Interface.
- Understand the basics and the principles of Bitcoin Blockchain … by reading the whitepaper, watching some Youtube videos or finding people who does this work and talk to them
- Understand Ethereum … reading the whitepaper, watching Vitalik Buterin’s videos on Youtube etc.
- Understand different types of Blockchains and their specific use-cases: private, public, and consortium.
- Learn about smart contracts and then you can start coding by reading docs, articles etc.